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why you should avoid OMR townships?

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why you should avoid OMR townships?

Last updated: April 24 2009
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  • why you should avoid OMR townships?

    If the IT industry is doing bad and for some time will do badly. i seriously think that the OMR townships"heaven within the compound and jungle outside" ones will be a pathetic picture of deserted flats.
    other areas city and suburbs cater to a large spectrum of diversity and will be filled by one or the other.they would never be deserted.

    The new areas in OMR,Sripermbudur,Oragadam,ECR,which have kms of open lands where oasis like townships are blooming would possibly paste
    a grim picture.
    I personally think these projects should be avoided and ones in city and estb localities in or near porur,tambaram,velachery,perambur etc should be preferred.
    the bigger the project higher the risk of it being delayed or cancelled.hence smaller projects of less than 50 apts should be the property of choice.
    members pls give your opinion
  • #2

    #2

    Re : why you should avoid OMR townships?

    yes true... said wise....

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    • #3

      #3

      Re : why you should avoid OMR townships?

      well said abk i feel the townships remind me of resorts in remote places, where you can spend a few weeks but a lifetime,no way

      Comment

      • #4

        #4

        Re : why you should avoid OMR townships?

        Originally posted by abk View Post
        If the IT industry is doing bad and for some time will do badly. i seriously think that the OMR townships"heaven within the compound and jungle outside" ones will be a pathetic picture of deserted flats.
        other areas city and suburbs cater to a large spectrum of diversity and will be filled by one or the other.they would never be deserted.

        The new areas in OMR,Sripermbudur,Oragadam,ECR,which have kms of open lands where oasis like townships are blooming would possibly paste
        a grim picture.
        I personally think these projects should be avoided and ones in city and estb localities in or near porur,tambaram,velachery,perambur etc should be preferred.
        the bigger the project higher the risk of it being delayed or cancelled.hence smaller projects of less than 50 apts should be the property of choice.
        members pls give your opinion
        Abk,

        Completely agree with you for the following reasons

        1.Bad location.(no connectivity/ameneties/schools)
        2.Low possibility of appreciation in short term(very low land share).
        3.Exorbitantly priced and no price protection.
        4.Unnecessary overhead charges like floor rise/preferential location charge etc.
        5.No completion guarentee(penalty clause).
        6.Huge oversupply.
        7.Low rental value and High maintainence
        8.High disregard to local sentiment and practices by the builders.

        etc etc..

        Given the builders financial position I am skeptical whether DLF and Hiranandani can repeat a gurgaon and Powai in Chennai.

        Some of the recently launched projects/price slash are really attractive but I feel builders are launching projects just to cash in on the affordable homes mania and raise some money to address their liquidity crunch.

        If someone really wants to stay near their place of work, enjoy the sea view and facilities promised.They can very well rent for few years before deciding to buy.It makes more sense to do so when comparing P/E ratio with other assets.With the amount of oversupply and land availability, I dont see the price appreciating sharply for atleast some years.

        Comment

        • #5

          #5

          Re : why you should avoid OMR townships?

          Wow! thats very well said, does this hold good for Regaliaa realty's Ferns project as well, I am unfamiliar with chennai but understand this is in/near ECR (Siruseri), They hv given me some details such as American Intl school 15 mins away, Mayajaal theatre 7 kms away, another hospital 7 kms away etc - is this all true ? or am I going to feel like I'm living in an island ??
          Any opinion/info on this is welcome as we are trying to gain maximum info before we decide we want to invest or not.

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